Renters insurance, also known as tenant insurance, is an insurance policy that protects you and your belongings whenever you are renting a house or apartment.
If there is an unexpected event that damages your belongings or forces you to move out, renters insurance is what will step in to help you out. Renters insurance is usually set up in three parts – personal property coverage, liability coverage, and additional living expenses coverage.
Personal property coverage protects your belongings if they are damaged, destroyed, or stolen. Liability coverage protects you if you accidentally damage someone else's property or someone gets hurt in your apartment (and you were found responsible).
Additional living expenses coverage will pay for finding alternative living arrangements if your apartment is damaged or uninhabitable. It's often very cheap because it is very limited in what it covers. For example, it doesn't cover the structure itself (that's what the landlord's insurance covers), which is often a big financial risk.
I didn't even know about renters insurance for the three years I was a renter after college. I would learn how important it is much later when my friend's apartment was flooded. She lived in a big apartment building and the main water pipe at the top of the building failed catastrophically. It began pumping gallons of water into the topmost apartment. It was during the day, so no one was home and her apartment was flooded despite being three floors down!
The worst part was that this was only temporary housing – she was moving in a few weeks – so she never considered renters insurance. The only silver lining was that most of her stuff was already packed up and in transit.
So, if you are a renter, renters insurance is something you should seriously consider and here are some of our favorite companies:
Lemonade is a newcomer in the insurance market but is making a splash with its unique business model. It takes a flat fee from your monthly insurance premium, pays claims, and gives any leftover money to charities you choose. Renters insurance starts as low as $5 a month with Lemonade.
Where Lemonade shines is its use of artificial intelligence to quickly set up customers with insurance coverage that makes sense. You can apply either online or through the mobile app (available on Android and iOS). Claims are a breeze with Lemonade, too; they’re often completed and paid out in a few minutes.
Lemonade renters insurance is only available in 26 states (as of this writing) but continues to expand its coverage every year. There are no bundling options or discounts through Lemonade since they only offer renters, condo, and homeowners insurance.
Allstate is one of the largest insurance companies in the world. Known for its auto insurance, Allstate is also a great place to look for renters insurance. Customers can get online quotes for insurance rates or work with a local Allstate agent for more personalized service.
With a multitude of insurance types available, Allstate is a great place to get renters insurance if you are already an existing customer or want to earn discounts for bundling coverages.
Allstate offers other discounts too, like:
- Safe home discount
- Discount for people over 55
- Claims-free discount
- Auto payment discount
Allstate's mobile app, available on Android and iOS, has a Digital Locker feature, which allows you to catalog your personal property to speed up future claims.
While it covers personal property, along with other liability protections, Allstate also offers add-ons to increase coverage if needed. Allstate offers affordable protection and everything else that a renter needs.
Liberty Mutual has been providing insurance coverage for over 100 years. You may be familiar with its commercials for auto and home insurance, but Liberty Mutual provides renters insurance too.
Quotes for renters insurance are available, both, by phone or through Liberty's website. There's an option to save money by bundling it with other insurance coverages. Customers receive a discount for having no claims for five years or more. Liberty Mutual has other discounts available too, including:
- Auto payment discount
- Online purchase discount
- Early shopper discount
Renters insurance starts as low as $5 and includes coverage for personal property, liability, additional living expenses, and medical payments. Customers can also add coverages like earthquake insurance, blanket jewelry coverage, and personal property replacement cost.
Nationwide is another place to look for quality renters insurance. Quotes are available online, by phone, or through a local Nationwide agent. Insurance coverage is customized to fit your specific needs, which means you don't pay extra for what you don't need.
Loss of use, personal property, medical payments to others, liability, and some unauthorized credit card transactions are included in standard coverage. Nationwide has optional protections you can add for extra security.
Through Nationwide's online access, customers can: view their accounts, pay bills, file and track claims, set up automatic payments, and make changes to coverage.
Like other insurance giants on the list, Nationwide offers more than just renters insurance and provides discounts for bundling insurance policies. Nationwide goes a step further, offering retirement and investment solutions, along with banking products (through Axos Bank). If you like the convenience of only dealing with one company for financial needs, Nationwide might be a good fit.
State Farm is another large insurance company with renters insurance coverage. Rate quotes are available online and only take a few minutes to receive. Coverage is customized to fit your specific needs. If you need extra coverage, State Farm has add-on options like identity restoration, earthquake, and additional liability coverage.
Customers can file claims online or through State Farm's handy mobile app. The app is available on Android and iOS and has other cool features like claims tracking, document uploading, and the ability to connect with your State Farm agent.
State Farm is known for auto insurance, which you can bundle with renters insurance to save money. With consistently low rates and excellent customer support, State Farm is an excellent option for renters insurance.
State Farm is another company with banking, credit card, and loan options for customers. While it provides convenience, you may get better products and services by searching each category separately instead of choosing an all-in-one company.
USAA renters insurance starts for as little as $12 a month. It does require USAA membership, which is limited to: active, enlisted, and veterans of the U.S. military, select family members, and other eligible individuals.
Its standard coverage includes things that often are add-ons through other insurance companies, but without the upcharge. Standard USAA coverage includes, both, earthquake and flood coverage. Military families are often on the go. With USAA, your possessions are covered even while in storage anywhere in the world.
Like other companies on this list, USAA offers discounts for bundling insurance coverage. Standard coverage includes liability and personal property protection but is customizable to fit specific needs.
USAA is a great option for military members and their families. Beyond insurance coverage, USAA membership comes with benefits and tools not available to the general public. Plus, they have a unique understanding of the needs and problems that members may face.
AARP offers renters insurance through a partnership with The Hartford. AARP offers one of the best insurance solutions for people over the age of 50.
Standard coverage through AARP and The Hartford includes:
- Personal property
- Personal liability
- Medical payments
- Property damage to others
- Additional living expenses
Additional coverages are available for purchase, including water backup, earthquake, and replacement cost coverage. ProtectorPLUS Zero Deductible Benefit coverage waives deductible fees, up to $5000, if you experience a qualifying loss of $27,500 or more. Another insurance coverage that's unique to AARP is assisted living care coverage. It extends liability to individuals who used to live with you but are now living in an assisted living facility.
Customers file claims by calling The Hartford's claim center, which is available 24/7. AARP membership is not required to qualify for renters insurance but does provide access to valuable discounts and benefits beyond just insurance.
You can save money by bundling car insurance from The Hartford with your renters insurance. You can also get a discount if your rental property has a 24-hour security service. You'll, also, get discounts every time you renew your insurance policy. Retirement isn't always easy to navigate. Through The Hartford, AARP offers insurance solutions that make sense for retirees.
Metlife is a global leader in the insurance industry. It is known for its health and dental insurance, life insurance, and homeowners insurance. It, also, has affordable renters insurance rates for customers looking for protection for personal possessions.
Coverage through MetLife is customizable. You only pay for the coverage you need. In some states, there are options to add-on extra coverage to maximize the protection of valuable items.
Renters can save money with Metlife by bundling protection with auto insurance. Other discounts offered include claim-free and protective devices discounts. You may be eligible for additional discounts depending on your employer or membership with specific associations.
MetLife accounts are accessible online. Currently, this only includes options to view and print documents and make payments. For change requests, customers must call MetLife's customer service. To make claims, you'll need to contact its claims department, which is available 24/7.
American Family Insurance offers some of the most competitive rates on the market for renters insurance. It's great to know that you can find affordable insurance for your personal property. Plus, you can customize your quote, so you don't pay for extra coverage you'll never need.
Convenience is a trademark of American Family Insurance. The MyAmFam App is a great time-saving tool for customers. Through the app, customers can file and track claims, make payments, and set up auto payments. Available on Android and iOS, the app is also great if you have auto insurance through American Family. It comes with quick access to proof of insurance and roadside assistance too.
Customers can save considerable money by bundling AmFam auto and renters insurance together. Other available discounts include paperless and autopay discounts.
Originally created to serve the farming community, American Family Insurance is now one of the largest insurance companies serving families across America. If you're in the market for renters insurance, be sure to check available rates through American Family Insurance.
So, what's stopping you from getting renters insurance?